Funds managers PIMCO, Bridgewater and GMO also provided analytical input, showing

that offshore funds also collaborate more closely with service providers and expect more from them.

Governance will continue to be focused on by institutional investment peers globally. CalPERS will make sweeping changes to the way its board operates by creating a clearer delineation between the role of executive staff and the board in day-to-day management of the fund, so that the board concentrates on strategy. It wants reports to the board to be more timely, and link performance and pay more closely.

WSIB staff is working with the board to manage global funds that invest actively in listed and unlisted assets, as well as the ability to attract, develop and retain skilled people.

Amanda White is the head of institutional content at Conexus Financial, publisher of Investment Magazine.